Sohio cuts price of oil from Alaska by $4 a barrel

In a move to compete with foreign oil prices, Standard Oil Company (Ohio) Wednesday reduced the price of its decontrolled Alaskan crude oil by $4 a barrel. Gulf Oil Corporation, Atlantic Richfield Company, and Standard Oil Company (Indiana) Tuesday said they would lower their prices for decontrolled US crude oil by between $1 and $1.50 a barrel. The action marked the first round of price decreases since the mid-1960s.

The price cuts are not likely to bring relief to the US consumer because only about a third of the nation's domestic oil is free from federal price controls.